The Reserve Bank of India (RBI) has recently launched pilots for an Indian Central Bank Digital 1 Currency (CBDC) called the e₹, in both Wholesale and Retail segments . The pilot in the wholesale segment, known as the Digital Rupee-Wholesale or e₹-W, was launched on November 1, 2022. This e₹- W’s pilot tests for the settlement of secondary market transactions in government securities. If successful, this mechanism is expected to make the inter-bank market more efficient. It should also reduce transaction costs by pre-empting the need for settlement guarantee infrastructure or for any collateral to mitigate settlement risk.
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